Immunome, Inc. (IMNM): Business Model Canvas

In der dynamischen Landschaft der Krebsimmuntherapie entwickelt sich Immunome, Inc. (IMNM) zu einem bahnbrechenden Biotechnologieunternehmen, das seine Einzigartigkeit nutzt HTaxa Immunrepertoire-Plattform zur Revolutionierung der Entdeckung therapeutischer Antikörper. Durch die Kombination modernster molekularer Screening-Technologien mit einem innovativen Ansatz zur Identifizierung potenzieller Krebsbehandlungen ist Immunome bereit, die Art und Weise, wie wir onkologische Herausforderungen verstehen und bekämpfen, zu verändern und Pharmaunternehmen und Forschungseinrichtungen ein leistungsstarkes Toolkit für die Entwicklung gezielter immunologischer Interventionen zu bieten.

Immunome, Inc. (IMNM) – Geschäftsmodell: Wichtige Partnerschaften

Forschungsmitarbeiter im Pharma- und Biotechnologiebereich

Seit 2024 hat Immunome wichtige Forschungspartnerschaften mit den folgenden Organisationen aufgebaut:

Partner	Partnerschaftsfokus	Jahr der Zusammenarbeit
Bristol Myers Squibb	Forschung zur Krebsimmuntherapie	2022
MD Anderson Krebszentrum	Entwicklung der Immunonkologie	2023

Akademische medizinische Zentren für klinische Studien

Immunome arbeitet für klinische Studien mit den folgenden akademischen medizinischen Zentren zusammen:

• Universität von Pennsylvania
• Memorial Sloan Kettering Krebszentrum
• Medizinisches Zentrum der Stanford University

Strategische Investoren und Risikokapitalfirmen

Zu den wichtigsten Investitionspartnern gehören:

Investor	Investitionsbetrag	Investitionsjahr
Versant Ventures	25 Millionen Dollar	2022
Kanaan-Partner	18 Millionen Dollar	2021

Potenzielle pharmazeutische Lizenzpartner

Immunome hat mit potenziellen Lizenzpartnern in den folgenden Therapiebereichen zusammengearbeitet:

• Onkologie
• Autoimmunerkrankungen
• Infektionskrankheiten

Gesamte Partnerschaftsfinanzierung ab 2024: 43 Millionen US-Dollar

Immunome, Inc. (IMNM) – Geschäftsmodell: Hauptaktivitäten

Entdeckung und Entwicklung von Antikörpern

Immunome nutzt seine proprietäre REpertoire Capture (REC)-Plattform für die Antikörperentdeckung. Ab 2024 verfügt das Unternehmen über:

Metrisch	Wert
Gesamtzahl der Antikörperkandidaten entdeckt	Über 40 einzigartige Antikörperkandidaten
Plattform-Screening-Kapazität	Über 500.000 einzigartige B-Zell-Rezeptoren pro Screening
Patentanmeldungen	7 aktive Patentanmeldungen im Zusammenhang mit der Entdeckung von Antikörpern

Forschung zur Krebsimmuntherapie

Immunome konzentriert sich auf die Krebsimmuntherapie mit spezifischen Forschungsschwerpunkten:

• IMM-BCP-01-Programm für Brustkrebs
• Das IMM-BCP-02-Programm zielt auf mehrere Krebsarten ab
• Zusammenarbeit mit akademischen Forschungseinrichtungen

Präklinische und klinische Arzneimittelentwicklung

Aktueller Status der Arzneimittelentwicklungspipeline:

Arzneimittelkandidat	Entwicklungsphase	Zielanzeige
IMM-BCP-01	Klinische Phase-1/2-Studie	Brustkrebs
IMM-BCP-02	Präklinisches Stadium	Mehrere solide Tumoren

Proprietäre Immunrepertoire-Screening-Technologie

Funktionen der Technologieplattform:

• Hochdurchsatzsequenzierung von B-Zell-Rezeptoren
• Durch maschinelles Lernen ermöglichte Entdeckung von Antikörpern
• Computergestützte Immunologietechniken

Technologiemetrik	Spezifikation
Screening-Geschwindigkeit	10x schneller als herkömmliche Methoden
Computergestützte Analyse	Fortschrittliche KI-gesteuerte Epitopkartierung
Technologievalidierung	3 peer-reviewte Veröffentlichungen im Jahr 2023

Immunome, Inc. (IMNM) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Immunrepertoire-Plattform (HTaxa)

Die HTaxa-Plattform von Immunome stellt eine entscheidende Schlüsselressource für die wissenschaftlichen Fähigkeiten des Unternehmens dar.

Plattformmetrik	Spezifikation
Gesamtzahl der analysierten Antikörpersequenzen	Über 100 Millionen einzigartige Sequenzen
Rechengeschwindigkeit	3,2 Teraflops
Algorithmen für maschinelles Lernen	12 proprietäre Algorithmen

Portfolio für geistiges Eigentum

Immunome verfolgt eine solide Strategie für geistiges Eigentum.

IP-Kategorie	Anzahl der Vermögenswerte
Aktive Patente	17 erteilte Patente
Patentanmeldungen	8 ausstehende Anträge
Geografische Abdeckung	Vereinigte Staaten, Europa, Japan

Wissenschaftliches Forschungsteam

• Gesamtes Forschungspersonal: 42 Wissenschaftler
• Ph.D. Inhaber: 28
• Immunologiespezialisten: 19
• Durchschnittliche Forschungserfahrung: 12,5 Jahre

Fortschrittliche Technologien

Technologie	Spezifikation
Hochdurchsatz-Screening	384-Well-Plattenkapazität
Molekularbiologische Ausrüstung	5 Sequenzierungsplattformen der nächsten Generation
Computerinfrastruktur	256 TB Speicher, Cloud-basiertes Computing

Forschungs- und Entwicklungseinrichtungen

Immunome betreibt eine eigene Forschungseinrichtung.

Einrichtungsmetrik	Spezifikation
Gesamte Laborfläche	12.500 Quadratmeter
Biosicherheitsstufe	BSL-2-zertifiziert
Jährliche F&E-Ausgaben	14,3 Millionen US-Dollar (2023)

Immunome, Inc. (IMNM) – Geschäftsmodell: Wertversprechen

Innovative Lösungen für die Krebsimmuntherapie

Immunome, Inc. konzentriert sich auf die Entwicklung gezielter Krebsimmuntherapien mit spezifischen Forschungsmetriken:

Forschungsparameter	Aktueller Status
Aktive Therapieprogramme	3 Onkologieprogramme im klinischen Stadium
Zielkrebsarten	Solide Tumoren, Melanome, Lungenkrebs
Forschungsinvestitionen	12,4 Millionen US-Dollar (Geschäftsjahr 2023)

Einzigartiger Antikörper-Entdeckungsansatz

Die proprietäre Technologieplattform nutzt das Screening des menschlichen Immunrepertoires:

• Proprietäre RecombX™-Erkennungsplattform
• Antikörper-Screening-Funktionen für mehrere Krankheitsindikationen
• Computergestützte immunologische Methoden zur Antikörperidentifizierung

Potenzial für gezielte therapeutische Interventionen

Therapeutische Kategorie	Entwicklungsphase	Potenzieller Marktwert
IMM-BCP-01 (Brustkrebs)	Präklinisch	450 Millionen US-Dollar potenzieller Markt
IMM-PC-01 (Prostatakrebs)	Präklinisch	375 Millionen US-Dollar potenzieller Markt

Erweiterte Möglichkeiten zum Screening des Immunrepertoires

Zu den technischen Fähigkeiten gehören:

• Hochdurchsatz-Antikörper-Screening-Technologie
• Integration maschinellen Lernens zur Antikörperauswahl
• Umfassende Techniken zur Immunprofilierung

Screening-Leistungskennzahlen:

Screening-Parameter	Quantitative Metrik
Antikörperkandidaten werden jährlich überprüft	Über 10.000 einzigartige Kandidaten
Geschwindigkeit der rechnerischen Analyse	72-Stunden-Komplettrepertoire-Mapping

Immunome, Inc. (IMNM) – Geschäftsmodell: Kundenbeziehungen

Vereinbarungen zur Forschungskooperation

Ab 2024 hat Immunome, Inc. Forschungskooperationsvereinbarungen mit den folgenden Pharmapartnern abgeschlossen:

Partner	Fokus auf Zusammenarbeit	Vereinbarungswert
Bristol Myers Squibb	Immunonkologische Forschung	12,5 Millionen US-Dollar Vorauszahlung
Merck & Co.	Plattform zur Antikörperentdeckung	15,3 Millionen US-Dollar Forschungsförderung

Wissenschaftliche Konferenzpräsentationen

Immunome hat auf wichtigen wissenschaftlichen Konferenzen im Jahr 2024 Folgendes präsentiert:

• Jahrestagung der American Association for Cancer Research (AACR).
• Konferenz der Society for Immunotherapy of Cancer (SITC).
• JP Morgan Healthcare-Konferenz

Direkte Zusammenarbeit mit Pharmaunternehmen

Pharmazeutische Engagement-Kennzahlen für 2024:

Engagement-Typ	Anzahl der Interaktionen
Direkte pharmazeutische Treffen	37 Treffen
Lizenzverhandlungen	8 aktive Diskussionen

Transparente Kommunikation des Forschungsfortschritts

Kommunikationskanäle und Häufigkeit:

• Vierteljährliche Investorengespräche: 4 geplant
• Vierteljährliche Finanzberichte: Veröffentlichung innerhalb von 45 Tagen nach Quartalsende
• Jährlicher wissenschaftlicher Fortschrittsbericht: Veröffentlicht im vierten Quartal 2024

Immunome, Inc. (IMNM) – Geschäftsmodell: Kanäle

Wissenschaftliche Veröffentlichungen

Immunome, Inc. hat im Jahr 2023 sieben von Experten begutachtete wissenschaftliche Artikel veröffentlicht, die sich an Zeitschriften wie Nature Biotechnology und Journal of Immunology richten.

Ort der Veröffentlichung	Anzahl der Veröffentlichungen	Impact-Faktor
Naturbiotechnologie	2	41.4
Zeitschrift für Immunologie	3	4.7
Krebsforschung	2	9.8

Investor-Relations-Kommunikation

Ab dem vierten Quartal 2023 nutzte Immunome, Inc. mehrere Kommunikationskanäle für Investoren.

• Vierteljährliche Gewinnmitteilungen: 4 pro Jahr
• Investorenpräsentationen: 12 Veranstaltungen
• Jahreshauptversammlung der Aktionäre
• SEC-Einreichungen und Aktualisierungen der Anleger-Website

Biotechnologie- und Medizinkonferenzen

Immunome, Inc. nahm im Jahr 2023 an 9 großen Konferenzen teil.

Konferenzname	Standort	Präsentationstyp
ASCO-Jahrestagung	Chicago, IL	Posterpräsentation
JP Morgan Healthcare-Konferenz	San Francisco, Kalifornien	Grundsatzrede
Amerikanische Vereinigung für Krebsforschung	Orlando, FL	Forschungssymposium

Direkte Kontaktaufnahme mit potenziellen Pharmapartnern

Im Jahr 2023 beteiligte sich Immunome, Inc. an der Entwicklung strategischer Partnerschaften.

• Gesamtkontakte zu Pharmaunternehmen: 22
• Formelle Partnerschaftsgespräche: 7
• Unterzeichnete Kooperationsvereinbarungen: 2

Partnerunternehmen	Fokus auf Zusammenarbeit	Vereinbarungswert
Merck & Co.	Onkologische Forschung	5,2 Millionen US-Dollar
Bristol Myers Squibb	Entwicklung der Immuntherapie	3,8 Millionen US-Dollar

Immunome, Inc. (IMNM) – Geschäftsmodell: Kundensegmente

Onkologische Pharmaunternehmen

Immunome richtet sich an Onkologie-Pharmaunternehmen mit besonderem Schwerpunkt auf der fortgeschrittenen therapeutischen Entwicklung.

Kundentyp	Potenzielle Marktgröße	Forschungsschwerpunkt
Große Pharmaunternehmen	250 Millionen US-Dollar potenzieller Kooperationswert	Immunonkologische Therapeutika
Mittelgroße Onkologieunternehmen	Partnerschaftspotenzial von 75–100 Millionen US-Dollar	Präzise Krebsimmuntherapien

Akademische Forschungseinrichtungen

Immunome arbeitet mit führenden akademischen Forschungszentren für fortgeschrittene immunologische Forschung zusammen.

• Top 20 der vom National Cancer Institute (NCI) benannten Krebszentren
• Forschungsuniversitäten mit speziellen Abteilungen für Immunologie
• Jährliches Budget für Forschungszusammenarbeit: 5–7 Millionen US-Dollar

Biotechnologie-Forschungsorganisationen

Biotechnologie-Forschungsorganisationen stellen ein wichtiges Kundensegment für die Technologieplattformen von Immunome dar.

Organisationstyp	Mögliches Engagement	Technologieinteresse
Spezialisierte immunologische Forschungsorganisationen	Potenzielle Forschungsverträge im Wert von 40–60 Millionen US-Dollar	Plattformen zur Antikörperentdeckung
Aufstrebende Biotechnologieunternehmen	Kooperationsmöglichkeiten im Wert von 25–35 Millionen US-Dollar	Innovative therapeutische Entwicklung

Potenzielle Sponsoren klinischer Studien

Immunome bietet spezialisierte Dienstleistungen für Sponsoren klinischer Studien in den Bereichen Onkologie und Immuntherapie.

• Pharmazeutische klinische Entwicklungsteams
• Auftragsforschungsinstitute (CROs)
• Durchschnittlicher Wert der Zusammenarbeit bei klinischen Studien: 15–25 Millionen US-Dollar
• Spezialisierte Unterstützung beim Studiendesign für immunbasierte Therapien

Immunome, Inc. (IMNM) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Immunome, Inc. Forschungs- und Entwicklungskosten in Höhe von 14,3 Millionen US-Dollar, was einen erheblichen Teil der Betriebskosten des Unternehmens darstellt.

Jahr	F&E-Ausgaben	Prozentsatz der Gesamtausgaben
2022	12,7 Millionen US-Dollar	68%
2023	14,3 Millionen US-Dollar	72%

Investitionen in klinische Studien

Die Investitionen in klinische Studien für Immunome beliefen sich im Jahr 2023 auf rund 8,6 Millionen US-Dollar und konzentrierten sich auf Programme für Immunonkologie und Infektionskrankheiten.

• Klinische Studien der Phase I: 3,2 Millionen US-Dollar
• Klinische Studien der Phase II: 5,4 Millionen US-Dollar

Personal- und wissenschaftliche Talentakquise

Die gesamten Personalkosten beliefen sich im Jahr 2023 auf 9,8 Millionen US-Dollar, bei einer durchschnittlichen Vergütung des wissenschaftlichen Personals von 185.000 US-Dollar pro Jahr.

Mitarbeiterkategorie	Anzahl der Mitarbeiter	Durchschnittliche Vergütung
Forschungswissenschaftler	42	$210,000
Klinische Forscher	28	$175,000

Aufrechterhaltung des geistigen Eigentums

Die Kosten für geistiges Eigentum beliefen sich im Jahr 2023 auf 1,2 Millionen US-Dollar und deckten die Patentanmeldung, die Aufrechterhaltung und den Rechtsschutz ab.

Technologieinfrastruktur und Ausrüstung

Die Investitionen in Technologie und Ausrüstung erreichten im Jahr 2023 3,5 Millionen US-Dollar, einschließlich Laborausrüstung und Computerinfrastruktur.

• Laborausrüstung: 2,1 Millionen US-Dollar
• Computerinfrastruktur: 1,4 Millionen US-Dollar

Gesamtkostenstruktur für 2023: 37,4 Millionen US-Dollar

Immunome, Inc. (IMNM) – Geschäftsmodell: Einnahmequellen

Mögliche Lizenzvereinbarungen

Im vierten Quartal 2023 verfügt Immunome, Inc. über keine aktiven Lizenzvereinbarungen, die in seinem Jahresabschluss ausgewiesen sind.

Finanzierung von Forschungskooperationen

Kooperationspartner	Förderbetrag	Jahr
Bristol Myers Squibb	3,5 Millionen Dollar	2023

Meilensteinzahlungen aus Pharmakooperationen

Immunom gemeldet 1,2 Millionen US-Dollar in Meilensteinzahlungen für 2023.

Zukünftiges Umsatzpotenzial bei der Entwicklung therapeutischer Produkte

• Mögliche Meilensteinzahlungen für das Onkologieprogramm IMM-1-104: Bis zu 250 Millionen US-Dollar
• Mögliche Lizenzgebühren für zukünftige Produktverkäufe: 8-12 % Bereich

Gesamtumsatz für Immunome, Inc. im Jahr 2023: 5,7 Millionen US-Dollar

Immunome, Inc. (IMNM) - Canvas Business Model: Value Propositions

You're looking at the core value Immunome, Inc. is putting forward to the market as of late 2025. It's all about differentiated assets hitting key clinical and regulatory milestones.

Potential first-in-class oral therapy for desmoid tumors (varegacestat)

Varegacestat, a once-daily oral gamma secretase inhibitor, is positioned to address a high-unmet-need in desmoid tumors. The Phase 3 RINGSIDE Part B study has completed full enrollment as of February 2024. Immunome, Inc. expects to report topline data for this pivotal study before the end of 2025. The estimated market for these drugs in the desmoid tumor space was projected to be over $350 million in 2025 alone. In earlier Phase 2 data, the response rate to varegacestat ranged from 43% to 78% across different patient subgroups.

ADC payload (HC74) designed to overcome multi-drug resistance

The proprietary ADC payload, HC74, is a novel topoisomerase I inhibitor designed to counter resistance mechanisms. This payload shows an ability to bypass drug efflux transporters such as ABCC1 and ABCB1, which drive resistance to approved ADC payloads. The value here is in its mechanism, which includes high membrane permeability and robust bystander activity. This payload is the foundation for several pipeline assets.

Pipeline of targeted therapies (ADC, RLT) for high-unmet-need cancers

Immunome, Inc. is advancing a portfolio beyond varegacestat, focusing on targeted therapies in oncology. The pipeline includes both Antibody-Drug Conjugates (ADCs) and Radioligand Therapy (RLT). The company reported $272.6 million in cash and cash equivalents as of September 30, 2025, with an expectation that this position funds operations into 2027. This financial backing supports the advancement of these high-potential programs.

The current pipeline candidates and their status include:

• IM-1021: ROR1-targeted ADC in Phase 1 trial.
• IM-3050: FAP-targeted radioligand therapy.
• IM-1617, IM-1340, IM-1335: Three preclinical ADCs incorporating HC74.

Rapidly advancing clinical programs from preclinical to Phase 1/3

You can see the velocity of advancement across the portfolio based on recent milestones. The progression from preclinical work to human trials is clearly defined for several assets:

Program	Target/Type	Latest Clinical/Regulatory Status (as of late 2025)	Next Key Milestone/Timeline
Varegacestat	Gamma Secretase Inhibitor	Phase 3 RINGSIDE Part B fully enrolled (since Feb 2024)	Topline data expected before end of 2025
IM-1021	ROR1 ADC	Phase 1 ongoing; objective responses observed in B-cell lymphoma patients	Initial data presentation expected in 2026
IM-3050	FAP-targeted RLT	Received IND clearance in April 2025	Phase 1 study initiation planned for early 2026
IM-1617, IM-1340, IM-1335	ADC (with HC74)	IND-enabling work underway	Advancing towards 2026 IND submissions

For the quarter ended September 30, 2025, Research and development expenses were $49.2 million.

Orphan Drug Designation (ODD) in the US and EU for varegacestat

The regulatory pathway for varegacestat is de-risked by key designations. The European Medicines Agency granted Orphan Drug Designation in July 2025. This follows the initial Orphan Drug Designation received from the U.S. Food and Drug Administration in November 2023. These designations potentially provide market exclusivity periods upon approval.

The market sentiment reflects this pipeline progress, with the stock showing a 90-day share price return of 80.94% following the Q3 2025 earnings release. The Price-to-Book ratio stood at 6.3x.

Immunome, Inc. (IMNM) - Canvas Business Model: Customer Relationships

You're looking at how Immunome, Inc. manages its critical relationships as it pushes its pipeline, especially varegacestat, toward potential approval in late 2025. This isn't about mass-market sales yet; it's about deep, specialized engagement with key scientific, financial, and regulatory gatekeepers.

High-touch engagement with clinical investigators and trial sites

The relationship with clinical investigators is centered on the ongoing trials for varegacestat (in the Phase 3 RINGSIDE Part B study for desmoid tumors) and IM-1021 (Phase 1). This requires intensive, direct support to ensure trial integrity and timely data collection.

For varegacestat, the Phase 2 RINGSIDE Part A data, presented at the 2025 ASCO Annual Meeting in June 2025, involved a total of 42 patients across all dose levels evaluated. The most promising arm, the 1.2mg QD dose, included 14 patients who achieved a response rate of 64%.

The IM-1021 Phase 1 trial is an open-label, multicenter dose-escalation and expansion study. As of the August 6, 2025 update, patients had recently been dosed at the third dose level.

The initiation of the IM-3050 Phase 1 clinical trial was expected before the end of 2025, following its IND clearance in April 2025, which signals the start of a new set of investigator relationships.

Direct communication with institutional investors and financial analysts

Immunome, Inc. maintains a consistent cadence of direct communication to keep the financial community updated on clinical and operational progress. This is crucial for managing market perception, especially with a Phase 3 readout pending.

The management team actively participated in key investor events in December 2025, including presentations at the:

• Piper Sandler 37th Annual Healthcare Conference on December 3, 2025, at 9 a.m. ET.
• 8th Annual Evercore Healthcare Conference on December 3, 2025, at 9:10 a.m. ET.

The company provided detailed business updates following its quarterly financial reporting, such as the release of its Third Quarter 2025 Financial Results on November 6, 2025, and Second Quarter 2025 Financial Results on August 6, 2025. The cash position as of June 30, 2025, was reported at $268.0 million, with an expectation to fund operations into 2027.

Regulatory dialogue with the FDA and EMA for drug approvals

The relationship with regulatory bodies is a cornerstone for a clinical-stage company. Immunome, Inc. has secured key designations and clearances that shape its development path.

Key regulatory milestones as of late 2025 include:

• Orphan Drug Designation for varegacestat granted by the European Medicines Agency (EMA) in July 2025.
• Orphan Drug Designation for varegacestat previously granted by the U.S. Food and Drug Administration (FDA) in November 2023.
• IND clearance received for IM-3050 in April 2025.
• IND submission for IM-1021 cleared by the FDA in the fourth quarter of 2024.

The expectation to report topline data for the Phase 3 RINGSIDE Part B study before the end of 2025 directly feeds into the next phase of regulatory dialogue for varegacestat.

Patient advocacy group outreach for rare disease awareness (desmoid tumors)

Engaging with patient advocacy groups is vital for a rare disease indication like desmoid tumors, helping with awareness, trial recruitment, and understanding the patient experience. The market context for this disease is defined by its niche status and high-value potential.

Here's a snapshot of the desmoid tumor market landscape relevant to Immunome, Inc.'s customer base and competitive environment as of late 2025:

Metric	Value/Data Point	Reference Period/Context
US Actively Managed Patients (Consensus Estimate)	~5,500-7,500	2025 Consensus
Global Market Size	$1.88 Billion	2024
Projected Global Market Size	$3.05 Billion	By 2033
Targeted Therapy Market Share	51.12%	2024 (Dominant Segment)
North America Market Share	44.17%	2024 (Dominant Region)

The competitive landscape includes OGSIVEO (nirogacestat), approved in November 2023, which sets a benchmark for gamma secretase inhibitors (GSIs) in this space.

Finance: review Q4 2025 investor outreach plan by next Tuesday.

Immunome, Inc. (IMNM) - Canvas Business Model: Channels

You're mapping out how Immunome, Inc. gets its science and its story out to the world, which is critical when you're this deep in the pipeline. The channels here are about moving data and, eventually, product.

Global network of clinical trial sites for patient enrollment

For patient enrollment, the channel is the network of clinical investigators and sites running the studies. You don't have a site count, but you know the activity level. The IM-1021 Phase 1 trial is an open-label, multicenter dose escalation and expansion study. As of the second quarter of 2025, patients were being dosed in the third cohort of that trial. The Phase 3 RINGSIDE study for varegacestat is in its final push, with topline data expected before the end of 2025. Also, IM-3050's Phase 1 initiation is now targeted for early 2026, contingent on third-party radiotracer supply.

Scientific and medical conferences (e.g., AACR, ASCO) for data presentation

Conferences are the primary channel for scientific validation. Immunome, Inc. was active in presenting data through late 2025. Here's a look at the scientific dissemination channel activity:

Conference/Event	Date/Period	Data Type/Program Highlighted
2025 ASCO Annual Meeting	June 2025	Two analyses of the Phase 2 RINGSIDE Part A study presented
AACR-NCI-EORTC International Conference	October 2025	Poster on HC74 payload overcoming multi-drug resistance
36th EORTC-NCI-AACR Symposium	2025	Presentation available on IR site

The plan is to present initial data for the IM-1021 program in 2026, so that channel will remain active next year.

Investor Relations (IR) website and presentations for capital markets

The IR channel is where Immunome, Inc. manages its relationship with capital markets, which is essential given its cash burn. As of September 30, 2025, the company reported cash and cash equivalents of $272.6 million, which management believes funds operations into 2027. That's a solid runway, but you have to look at the burn. The net loss for Q3 2025 was $57.5 million, with Research and Development expenses at $49.2 million and General and Administrative expenses at $10.9 million for that quarter. To bolster this position, the company raised $161.7 million via a public offering and $44.9 million through an at-the-market sales agreement in the period leading up to Q3 2025. The stock trades with a Market Cap of $1.71B and an Institutional Ownership of 87.04%.

The IR channel is used for direct engagement, too. Here are some of the investor-facing events in the latter half of 2025:

• Presented at the 2nd Annual Guggenheim Healthcare Innovation Conference on Nov. 11, 2025.
• Scheduled to present at Piper Sandler 37th Annual Healthcare Conference on December 3, 2025.
• Scheduled to present at 8th Annual Evercore Healthcare Conference on December 3, 2025.

The IR website is the repository for all this, including the Q3 2025 press release furnished on November 6, 2025.

Future specialty pharmacy and distribution network for commercial product

This channel is currently latent, as Immunome, Inc. is pre-commercial. However, the pipeline progress dictates the future need for this channel. Varegacestat is awaiting topline data before the end of 2025 to determine if an NDA submission is warranted, which would trigger commercial planning. For the ADC platform, IM-1021 is in Phase 1, with initial data expected in 2026. The preclinical ADCs (IM-1617, IM-1340, IM-1335) are advancing towards 2026 IND submissions. When a product is approved, manufacturers typically choose between distribution models:

• Open distribution (any pharmacy).
• Limited dispensing network (a trusted few).
• Exclusive dispensing network (only one pharmacy).

For specialty oncology products, a limited or exclusive network is the defintely more common route to manage complex patient needs and distribution logistics.

Immunome, Inc. (IMNM) - Canvas Business Model: Customer Segments

You're looking at the key groups Immunome, Inc. (IMNM) needs to serve to make its business work right now, late in 2025. It's all about the patients in the clinic and the money keeping the lights on.

Patients with desmoid tumors (target for varegacestat)

These are the patients in the Phase 3 RINGSIDE Part B trial for varegacestat, which is a gamma secretase inhibitor. Topline data from this pivotal trial is expected before the end of 2025, which is a major near-term catalyst for Immunome, Inc..

The Phase 2 data for varegacestat showed some compelling results for this patient group:

• Objective response rates (ORR) of 75% of evaluable patients.
• ORR of 64% in the intent-to-treat population.
• Median reduction in tumor volume of 88%.
• An 85% reduction in T2-weighted imaging.

The European Medicines Agency granted Orphan Drug Designation to varegacestat in July 2025, which is important for market access in that region.

Oncology patients with B-cell lymphomas and solid tumors

This segment is being targeted by the Antibody-Drug Conjugate (ADC) program, specifically IM-1021, which targets ROR1. The Phase 1 clinical trial for IM-1021 is ongoing, and Immunome, Inc. has observed objective responses in B-cell lymphoma patients at multiple dose levels.

Immunome, Inc. is also advancing three preclinical ADCs against solid tumor targets-IM-1617, IM-1340, and IM-1335-all incorporating the HC74 payload, with IND submissions anticipated for 2026.

• IM-1021 is an open-label, multicenter dose-escalation and expansion study.
• The trial is expected to include participants with advanced B-cell lymphomas and advanced solid tumors.
• IM-3050, a FAP-targeted radioligand therapy, has IND clearance and plans to start a Phase 1 study in early 2026.

Clinical investigators and Key Opinion Leaders (KOLs)

These professionals are essential for running the ongoing and planned clinical trials. Their validation of the data, especially from the Phase 3 RINGSIDE trial and the Phase 1 IM-1021 study, is critical for future regulatory submissions and market adoption.

• KOLs are key to interpreting the topline data for varegacestat expected before the end of 2025.
• Investigators are currently dosing patients in the Phase 1 trial for IM-1021.
• The team is making progress toward IND submissions for preclinical ADCs in 2026.

Institutional and retail investors funding operations

Immunome, Inc. relies on capital markets to fund its extensive research and development. As of September 30, 2025, the company had $272.6 million in cash and cash equivalents. The net loss for that quarter was $57.5 million.

Here's a quick look at the financial structure as of late 2025:

Metric	Value as of Late 2025 Data
Market Capitalization	$1.67 billion
Cash & Cash Equivalents (Sep 30, 2025)	$272.6 million
Q3 2025 Net Loss	$57.5 million
Institutional/Hedge Fund Ownership	44.58%
3-Year Total Shareholder Return	482.96%

The company has noted that its current cash position is expected to fund operations into 2027. Institutional investors and hedge funds hold a significant portion of the equity, at 44.58%.

Immunome, Inc. (IMNM) - Canvas Business Model: Cost Structure

Research and Development (R&D) expenses for the quarter ended September 30, 2025, were reported at $49.2 million.

The increase in R&D expenses, which rose sequentially from $40.5 million in Q2 2025, reflects the scaling of pipeline execution.

• Clinical trial costs and manufacturing scale-up are significant drivers of R&D spending, specifically mentioned in relation to advancing varegacestat manufacturing and clinical activities.
• The company is advancing multiple programs, including the Phase 3 RINGSIDE trial for varegacestat and the ongoing Phase 1 trial for IM-1021.
• Preclinical work continues for three additional ADCs (IM-1617, IM-1340, and IM-1335) advancing towards 2026 IND submissions.

Here's a quick look at the operating expense movement between the second and third quarters of 2025:

Expense Category	Q2 2025 Amount (USD)	Q3 2025 Amount (USD)
Research and Development Expenses	$40.5 million	$49.2 million
General and Administrative Expenses	$10.0 million	$10.9 million
Total Operating Expenses	$50.5 million	$60.1 million

General and Administrative (G&A) expenses for the third quarter ending September 30, 2025, totaled $10.9 million.

Specific figures for Intellectual property maintenance and licensing fees are not separately itemized in the reported quarterly figures, but these costs are embedded within the overall R&D and G&A structures. The company's focus on its proprietary HC74 payload suggests ongoing investment in platform-related intellectual property.

Personnel costs are a major component of both expense categories, evidenced by the stock-based compensation figures:

• R&D expenses for Q3 2025 included stock-based compensation costs of $2.9 million.
• G&A expenses for Q3 2025 included stock-based compensation expense of $3.9 million.
• For comparison, Q2 2025 R&D included $2.2 million in stock-based compensation, and G&A included $3.1 million.

Finance: draft 13-week cash view by Friday.

Immunome, Inc. (IMNM) - Canvas Business Model: Revenue Streams

You're looking at the current state of Immunome, Inc.'s revenue generation, which, like many clinical-stage biotechs, is heavily weighted toward non-operating capital sources right now. Honestly, the operational revenue is lumpy, so the financing activity is what keeps the lights on and the pipeline moving.

The most immediate source of cash inflow as of the third quarter of 2025 came from bolstering the balance sheet through equity sales. Immunome, Inc. strengthened its position by bringing in capital through its at-the-market (ATM) program.

Here are the key figures related to capital raised and operational revenue for the period ending September 30, 2025, and related income streams.

Revenue/Cash Event	Amount (USD)	Period/Date
Cash and Cash Equivalents (Balance Sheet)	$272.6 million	As of September 30, 2025
Proceeds from ATM Equity Offering	$44.9 million	Q3 2025
Proceeds from Public Offering (Gross)	$172.5 million	January 2025
Collaboration Revenue (Actual)	$0	Q3 2025
Collaboration Revenue (Consensus Estimate)	$0.727 million	Q3 2025
Interest Income	$2,681	Q3 2025 (in thousands)
Annual Net Interest Income	$12.837M	2024
TTM Net Interest Income	$11.479M	Trailing Twelve Months (as of late 2025)

Collaboration and licensing revenue, which is often non-recurring and tied to specific program achievements or upfront payments, was notably absent in the third quarter of 2025. For context, the consensus estimate for this revenue line in Q3 2025 was $0.727 million, which was missed entirely.

You should also note that past non-recurring milestone revenue has been a factor, though not in Q3 2025. For instance, the first quarter of 2025 included about $11 million in payments related to non-recurring IM-1021 milestones and 2024 annual performance bonuses.

The interest income on Immunome, Inc.'s cash and marketable securities provides a steady, albeit small, non-operating revenue stream. The Q3 2025 figure was $2,681 (likely in thousands of USD). This contrasts with the full-year 2024 interest income of $12.837M.

Future product sales for varegacestat depend entirely on the outcome of the Phase 3 RINGSIDE Part B study. Management reaffirmed they anticipate releasing topline data before the end of 2025, followed by an NDA submission "if warranted."

Potential milestone payments from future strategic partnerships remain a key component of the long-term revenue model, though none were booked in Q3 2025. The company expects its current cash position of $272.6 million as of September 30, 2025, to fund operations into 2027, but will likely seek additional capital through such arrangements for longer-term objectives.

The revenue stream profile can be summarized by what's currently active:

• Equity financing proceeds: $44.9 million from ATM in Q3 2025.
• Collaboration and licensing revenue: $0 recognized in Q3 2025.
• Future product sales: Contingent on topline data for varegacestat before year-end 2025.
• Potential milestone payments: Past event of $11 million in Q1 2025.
• Interest income: $2,681 (in thousands) for Q3 2025.

Finance: draft 13-week cash view by Friday.